Altamahaw, North Carolina Property Taxes
The median property tax rate in Altamahaw, NC is 0.53%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Altamahaw, the typical annual property tax bill is $535, well below the national median of $2,690. Property taxes in Altamahaw are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Altamahaw's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Altamahaw or another part of Alamance County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altamahaw, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$533
Ownwell’s Altamahaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altamahaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altamahaw to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Altamahaw, North Carolina
Property taxes in Altamahaw, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altamahaw is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Altamahaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altamahaw estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Altamahaw's effective property tax rate to other areas in Alamance County and the national median. For comparison, the zip code 27202 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Altamahaw provides valuable insights into the varying tax landscape across Alamance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altamahaw Tax Rate
0.53%
Average Alamance County Tax Rate
0.49%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altamahaw, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27202 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Altamahaw, North Carolina
In Altamahaw, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Alamance County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Altamahaw, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price here is $100,580, with tax bills ranging significantly. For instance, the 25th percentile tax bill is around $334, while the 75th percentile tax bill is approximately $924. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Altamahaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Altamahaw, North Carolina
Source: Ownwell
$100,580
$382,849
$665,118
Average Altamahaw Assessed Value
$100,580
Average Alamance County Assessed Value
$246,962
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altamahaw, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27202 | $44,109 | $62,822 | $100,580 | $173,743 | $207,524 |
Source: Ownwell
Property Tax Bills Across Altamahaw, North Carolina
In Altamahaw, located in Alamance County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $100,580. To determine the tax bill, the county assesses the property's value and then applies the local property tax rate. Homeowners in Altamahaw can expect their tax bills to vary widely; for instance, the 25th percentile tax bill is approximately $334, while the 75th percentile tax bill reaches around $924. At the higher end, the 90th percentile tax bill is about $1,104. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For comparison, the national median property tax rate stands at 0.99%, making Altamahaw's property taxes relatively moderate. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Altamahaw Tax Bill
$535
Average Alamance County Tax Bill
$1,218
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Altamahaw, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27202 | $235 | $334 | $535 | $924 | $1,104 |
Source: Ownwell